Chairman and chief executive officer of Melco International Development; Lawrence Ho, has spoken out about the difficulties that lie ahead for casino resort operators this year, following the release of the firm’s 2019 financial figures.
Despite some challenges last year, the company has recorded net revenue growth of more than ten percent and profits are up 10.5%.
Lawrence Ho spoke about the results:
“In 2019, we took a big step forward in solidifying our position as a pioneer and innovator in premium travel, leisure and entertainment. Our commitment to excellence, desire to push boundaries and ability to set new standards translated to a strong performance across the board last year. That was despite the challenging operating environment in 2019, with global economic growth threatened by the Sino-US trade war, while the Asian markets were also impacted by the economic slowdown in China and social unrest in Hong Kong in the second half.”
Ho elaborated on details that, despite an uncertain near future amid coronavirus pandemic, the firm is focusing its efforts in Japan:
“Japan continues to be a core target for us. In September last year, we announced our ‘Yokohama First’ policy as we get our Japan team to plan on bringing to Yokohama the best integrated resort the world has ever seen. In December, we submitted our integrated resort proposal to the Yokohama municipal government and we continue to actively engage with the Yokohama officials to illustrate our plans.”
Lawrence Ho, ranked the 1008th richest person on the planet by Forbes concluded with comments on the Covid-19 crisis and what it means for Melco for the rest of this year:
“2020 promises to be a very difficult year for global integrated resort operators. The recent Covid-19 outbreak, along with travel bans, visa restrictions and suspended flights, are poised to hit global tourism and impact the number of visitors to all our integrated resorts. However, we expect our commitment to developing world-class hospitality and entertainment facilities will put us in a good position to bring the best experience to our guests, and will see us through the challenging times in the near future.”